Northstar Clean Technologies Inc. is pleased to announce that the Company's wholly owned subsidiary, Empower Environmental Solutions Calgary Ltd., and Emissions Reduction Alberta ("ERA") have signed a contribution agreement (the "Contribution Agreement") dated July 31, 2023 whereby ERA will fund up to C$7,088,856 (the "ERA Contribution") for the development and construction of the Company's planned asphalt shingle reprocessing facility in Calgary, Alberta (the "Empower Calgary Facility"), subject to certain customary conditions.
The combination of the ERA Contribution1, the loan from Business Development Bank of Canada ("BDC")2 and the strategic equity investment from Allmine Paving LLC, a wholly owned subsidiary of TAMKO Building Products LLC ("TAMKO")3, is expected to fully fund the construction of the Empower Calgary Facility, which will proceed into detailed design immediately.
Mr. Aidan Mills, President & CEO and Director of Northstar, stated, "The final funding from ERA is a critical component of progressing the construction of our Empower Calgary Facility. We are excited to work with ERA on the first commercial implementation of our technology and believe we can help meaningfully to divert waste away from landfills for many years to come. Not only are we bringing on an industry leader with TAMKO, but we are also satisfying the funding requirements of both the government grant from ERA and the project debt financing from BDC. With both those requirements now met, we are elated to announce that the Calgary Empower Facility is fully funded."
